Pakistan-Hungary 3rd JCEC Concludes with Signing of Key Protocols

The 3rd session of the Pakistani-Hungarian Joint Commission on Economic Cooperation (JCEC) concluded successfully on Friday, solidifying bilateral ties and paving the way for expanded collaboration in trade, investment, and development.

The two-day session, held on February 6-7, was co-chaired by Dr. Kazim Niaz, Federal Secretary for the Ministry of Economic Affairs, and Tamas Vargha, Deputy Minister of the Hungarian Ministry of Defence. The discussions covered economic, trade, and technical cooperation, with both sides signing important protocols to enhance partnership across multiple sectors.

Key Outcomes of the Session
✅ Formation of Joint Working Groups (JWGs): Pakistan and Hungary agreed to establish JWGs in multiple sectors to enhance trade and investment.

✅ Support for SMEs: Hungary’s Hungarian Export Promotion Agency (HEPA) pledged support for the development of small and medium-sized enterprises (SMEs) in Pakistan.

✅ Investment Promotion: Both sides committed to advancing agreements on investment protection and exploring joint ventures in agriculture, energy, healthcare, IT, and industrial manufacturing.

✅ Special Investment Facilitation: Collaboration through Pakistan’s Special Investment Facilitation Council (SIFC) and Hungary’s Hungarian Investment Promotion Agency (HIPA) was reaffirmed.

✅ Agriculture & Research Cooperation: Hungary’s University of Agriculture and Life Sciences (MATE) offered technical support to Pakistan Agricultural Research Council (PARC) for research and the adoption of modern agricultural practices.

✅ Water Management & Sustainability: Hungary’s expertise in water purification and waste management was highlighted as a potential area for cooperation.

✅ Education & Health Partnerships: Both countries discussed knowledge exchange programs, expansion of the Stipendium Hungaricum Scholarship Program, and collaborations in healthcare innovation.

✅ Energy Sector Collaboration: Pakistan’s Oil and Gas Development Company Limited (OGDCL) and Hungary’s MOL Group agreed to explore joint projects in the oil and gas sector.

Commitment to Future Cooperation

Dr. Kazim Niaz emphasized the importance of this engagement, stating: “This session provides an excellent opportunity to strengthen our ties and collaborate across various sectors. We are committed to ensuring that these initiatives bring tangible benefits to both nations.”

Deputy Minister Tamas Vargha echoed this sentiment, highlighting Hungary’s keen interest in fostering joint ventures in high-tech industries, digitalization, and energy.

“Hungary strategic relations with Pakistan. The Joint Commission is an important platform to achieve our mutual goals,” he said.

Next Steps: 4th JCEC Session in Budapest

The two sides agreed that the 4th session of the Joint Commission will be hosted in Budapest, Hungary. The meeting concluded with both nations reaffirming their commitment to deepening economic cooperation, fostering innovation, and exploring new investment opportunities in the coming years.